{"id":165068,"date":"2022-05-18T17:30:02","date_gmt":"2022-05-18T07:30:02","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=165068"},"modified":"2022-05-20T16:47:03","modified_gmt":"2022-05-20T06:47:03","slug":"another-modest-wage-rise-confounds-rba-real-wages-crash-to-record-low","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/another-modest-wage-rise-confounds-rba-real-wages-crash-to-record-low\/","title":{"rendered":"Another modest wage rise confounds RBA – real wages crash to record low"},"content":{"rendered":"

Wage growth levels have remained steady this year with annual increases trickling up marginally. <\/strong><\/p>\n

Real wage growth (the difference between wages and inflation) however has crashed by a record low level \u2013 with consumers now also confronted with the extra costs of higher interest rates.<\/p>\n

The ABS reports that the Wage Index seasonally adjusted increased by 0.7% over the March quarter - the same result as recorded over the previous December quarter.<\/p>\n

The Wage Index however increased by just 2.4% over the year ending the March quarter \u2013 just above the 2.3% annual rise reported over the December quarter.<\/p>\n

\"Abs<\/p>\n

Wages growth remains relatively subdued at around pre-covid levels despite recent record low unemployment rates and challenges the assertions by the RBA \u201cthat labour costs were rising in a tight labour market\u201d<\/em> \u2013 used as a justification for the recent shock rate rise.<\/p>\n

The RBA has predicted recently that annual wage growth will rise to 3.75% with the current March quarter result at just 2.4% clearly still a long way short of that benchmark.<\/p>\n

The modest increase in wages over the March quarter and the recent sharp spike in inflation have resulted in a record annual decline in real wage growth \u2013 falling by 1.3% and following the 0.3% decline recorded over the previous December quarter.<\/p>\n

\"Real<\/p>\n

The RBA will be looking for its shaky predictions of strong wage growth to be realised sooner rather than later to justify its outlook for a series of near-term interest rate rises that will clearly produce more pain for consumers and economic headwinds for the economy.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Wage growth levels have remained steady this year with annual increases trickling up marginally. Real wage growth (the difference between wages and inflation) however has crashed by a record low level \u2013 with consumers now also confronted with the extra costs of higher interest rates. The ABS reports that the Wage Index seasonally adjusted increased…<\/p>\n","protected":false},"author":50,"featured_media":151919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,1186],"tags":[],"class_list":["post-165068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates","category-weekly_latest"],"acf":[],"yoast_head":"\nAnother modest wage rise confounds RBA – real wages crash to record low<\/title>\n<meta name=\"description\" content=\"Wage growth levels have remained steady this year with annual increases trickling up marginally. 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